Olin of Missouri plans $70 million-$110 million 12-year bonds issue

By Angela McDaniels

Tacoma, Wash., Nov. 17 - Olin Corp. plans to issue $70 million to $110 million of 12-year tax-exempt bonds before the end of the year, according to slides included in an 8-K filing with the Securities and Exchange Commission. The slides are for the presentation the company will give at the Citi North American Credit Conference in New York on Thursday.

The company also plans to repay $75 million of debt in 2011. Its debt includes $70 million of series 2010 tax-exempt revenue bonds due 2024 sold through the Industrial Development Authority of Washington County of Virginia and $150 million of 8 7/8% senior bonds due 2019 issued in the high-yield market.

The company said that in 2010, it has redeemed $20 million of industrial revenue bonds that would have been due in 2016.

Olin's goal is for its major debt maturities to be staggered three to four years apart with manageable towers of no more than $150 million. The company said its normal year-end cash balance should be about $200 million.

Based in Clayton, Mo., Olin manufactures chlorine and caustic soda products.

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